Business Statistics Test 4||NEWEST EXAM
UPDATE||OVER 200 QUESTIONS AND
CORRECT ANSWERS
9 -CORRECT ANSWER Sample Size (n):
81 (Bachelor's) 49 (Associates)
Sample Mean Salary (in $1,000):
60 (Bachelors) 51 (Associates)
Population Variance:
175 (Bachelors) 90 (Associates)
The following table shows sample salary information for employees with bachelor's and
associate degrees for a large company in the Southeast United States. The point
estimate of the difference between the means of the two populations is ______.
Fail to reject the null hypothesis -CORRECT ANSWER Men:
Sample Size: 25
Sample Mean: 23
Population St. Dev: 5
Women
Sample Size: 30
Sample Mean: 28
Population St. Dev: 10
A recent study focused on the amount of money single men and women save monthly.
The information is summarized next. Assume that the population standard deviations
are equal. At the .01 significance level, what is the conclusion about the way women
and men save?
0.0336 -CORRECT ANSWER Manufacturer 1
n1 = 81
x1 = $15.80
o1 = $3.00
Manufacturer 2
n1 = 64
x1 = $15.00
o1 = $2.25
,Use the following table to determine whether or not there is a significant difference
between the average hourly wages at two manufacturing companies. The p-value is
______.
+0.933 -CORRECT ANSWER Product FIFO LIFO
1 ; 225 ; 221
2 ; 119 ; 100
3 ; 100 ; 113
4 ; 212 ; 200
5 ; 248 ; 245
Accounting procedures allow a business to evaluate its inventory costs based on two
methods: LIFO (Last In First Out) or FIFO (First In First Out). A manufacturer evaluated
its finished goods inventory (in $000s) for five products with the LIFO and FIFO
methods. To analyze the difference, they computed (FIFO - LIFO) for each product.
Based on the following results, and testing if the LIFO method result in a lower cost of
inventory than the FIFO method. What is the value of calculated t?
The population variances are assumed equal but unknown -CORRECT ANSWER
When testing the difference between two population means, the sample variances are
pooled to estimate the population variance when ________________.
H0: µ1 ≤ µ2 -CORRECT ANSWER Campus Sample Size Mean Pop. St. Dev
1 ; 330 ; 33 ; 8
2 ; 310 ; 31 ; 7
The results of a mathematics placement exam at two different campuses of Mercy
College follow: What is the *null hypothesis* if we want to test the hypothesis that the
mean score on Campus 1 is higher than on Campus 2?
When two dependent samples are compared -CORRECT ANSWER When is it
appropriate to use the paired difference t-test?
The two population standard deviations must be known. -CORRECT ANSWER Which
condition must be met to conduct a test for the difference in two sample means using a
z-statistic?
25 -CORRECT ANSWER We test for a hypothesized difference between two population
means: H0: ?1 = ?2. The population standard deviations are unknown but assumed
equal. The number of observations in the first sample is 15, and 12 in the second
sample. How many degrees of freedom are associated with the critical value?
H1: µ1 > µ2 -CORRECT ANSWER Campus Sample Size Mean Pop. St. Dev
1 ; 330 ; 33 ; 8
2 ; 310 ; 31 ; 7
, The results of a mathematics placement exam at two different campuses of Mercy
College follow: What is the *alternative hypothesis* if we want to test the hypothesis that
the mean score on Campus 1 is higher than on Campus 2?
z-statistic -CORRECT ANSWER Men:
Sample Size: 25
Sample Mean: 23
Population St. Dev: 5
Women
Sample Size: 30
Sample Mean: 28
Population St. Dev: 10
A recent study focused on the amount of money single men and women save monthly.
The information is summarized next. Assume that the population standard deviations
are equal. The question is, at the .01 significance level, do women save more money
than men. What is the test statistic for this hypothesis?
±2.17 -CORRECT ANSWER If the null hypothesis that two means are equal is true,
where will 97% of the computed z values lie between?
H1: µd < 0 -CORRECT ANSWER User Old Website Design New Website Design
A ; 30 ; 25
B ; 45 ; 30
C ; 25 ; 20
D ; 32 ; 30
E ; 28 ; 27
A company is researching the effectiveness of a new website design to decrease the
time to access a website. Five website users were randomly selected, and their times
(in seconds) to access the website with the old and new designs were recorded. To
compare the times, they computed (new website design time - old website design time).
The results follow. What is the alternative hypothesis?
2.369 -CORRECT ANSWER Men:
Sample Size: 25
Sample Mean: 23
Population St. Dev: 5
Women
Sample Size: 30
Sample Mean: 28
Population St. Dev: 10
UPDATE||OVER 200 QUESTIONS AND
CORRECT ANSWERS
9 -CORRECT ANSWER Sample Size (n):
81 (Bachelor's) 49 (Associates)
Sample Mean Salary (in $1,000):
60 (Bachelors) 51 (Associates)
Population Variance:
175 (Bachelors) 90 (Associates)
The following table shows sample salary information for employees with bachelor's and
associate degrees for a large company in the Southeast United States. The point
estimate of the difference between the means of the two populations is ______.
Fail to reject the null hypothesis -CORRECT ANSWER Men:
Sample Size: 25
Sample Mean: 23
Population St. Dev: 5
Women
Sample Size: 30
Sample Mean: 28
Population St. Dev: 10
A recent study focused on the amount of money single men and women save monthly.
The information is summarized next. Assume that the population standard deviations
are equal. At the .01 significance level, what is the conclusion about the way women
and men save?
0.0336 -CORRECT ANSWER Manufacturer 1
n1 = 81
x1 = $15.80
o1 = $3.00
Manufacturer 2
n1 = 64
x1 = $15.00
o1 = $2.25
,Use the following table to determine whether or not there is a significant difference
between the average hourly wages at two manufacturing companies. The p-value is
______.
+0.933 -CORRECT ANSWER Product FIFO LIFO
1 ; 225 ; 221
2 ; 119 ; 100
3 ; 100 ; 113
4 ; 212 ; 200
5 ; 248 ; 245
Accounting procedures allow a business to evaluate its inventory costs based on two
methods: LIFO (Last In First Out) or FIFO (First In First Out). A manufacturer evaluated
its finished goods inventory (in $000s) for five products with the LIFO and FIFO
methods. To analyze the difference, they computed (FIFO - LIFO) for each product.
Based on the following results, and testing if the LIFO method result in a lower cost of
inventory than the FIFO method. What is the value of calculated t?
The population variances are assumed equal but unknown -CORRECT ANSWER
When testing the difference between two population means, the sample variances are
pooled to estimate the population variance when ________________.
H0: µ1 ≤ µ2 -CORRECT ANSWER Campus Sample Size Mean Pop. St. Dev
1 ; 330 ; 33 ; 8
2 ; 310 ; 31 ; 7
The results of a mathematics placement exam at two different campuses of Mercy
College follow: What is the *null hypothesis* if we want to test the hypothesis that the
mean score on Campus 1 is higher than on Campus 2?
When two dependent samples are compared -CORRECT ANSWER When is it
appropriate to use the paired difference t-test?
The two population standard deviations must be known. -CORRECT ANSWER Which
condition must be met to conduct a test for the difference in two sample means using a
z-statistic?
25 -CORRECT ANSWER We test for a hypothesized difference between two population
means: H0: ?1 = ?2. The population standard deviations are unknown but assumed
equal. The number of observations in the first sample is 15, and 12 in the second
sample. How many degrees of freedom are associated with the critical value?
H1: µ1 > µ2 -CORRECT ANSWER Campus Sample Size Mean Pop. St. Dev
1 ; 330 ; 33 ; 8
2 ; 310 ; 31 ; 7
, The results of a mathematics placement exam at two different campuses of Mercy
College follow: What is the *alternative hypothesis* if we want to test the hypothesis that
the mean score on Campus 1 is higher than on Campus 2?
z-statistic -CORRECT ANSWER Men:
Sample Size: 25
Sample Mean: 23
Population St. Dev: 5
Women
Sample Size: 30
Sample Mean: 28
Population St. Dev: 10
A recent study focused on the amount of money single men and women save monthly.
The information is summarized next. Assume that the population standard deviations
are equal. The question is, at the .01 significance level, do women save more money
than men. What is the test statistic for this hypothesis?
±2.17 -CORRECT ANSWER If the null hypothesis that two means are equal is true,
where will 97% of the computed z values lie between?
H1: µd < 0 -CORRECT ANSWER User Old Website Design New Website Design
A ; 30 ; 25
B ; 45 ; 30
C ; 25 ; 20
D ; 32 ; 30
E ; 28 ; 27
A company is researching the effectiveness of a new website design to decrease the
time to access a website. Five website users were randomly selected, and their times
(in seconds) to access the website with the old and new designs were recorded. To
compare the times, they computed (new website design time - old website design time).
The results follow. What is the alternative hypothesis?
2.369 -CORRECT ANSWER Men:
Sample Size: 25
Sample Mean: 23
Population St. Dev: 5
Women
Sample Size: 30
Sample Mean: 28
Population St. Dev: 10
